IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Outflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 13 Apr 2015 | Removal date: open ended
Still in force

Control on personal transactions

The Central Bank of Nigeria via Circular TED/FEM/FPC/GEN/01/009, effective from 13 April 2015, introduced a reduction at the total limit concerning the usage of the cards denominated in the national currency Naira overseas. Specifically, the denoted Circular reduced the limit of the overseas usage of the Naira denominated cards from USD 150.000 to USD 50.000 per annum. 

 

Furthermore, the referenced Circular states that this newly introduced limit applies to parties classified as both 'General Public' and 'Authorised Dealers' (which refers to Authorised Dealer Banks i.e. Banks authorised to engage in forex and other banking activities by the Central Bank of Nigeria). 

Additionally, the Circular states that Authorised Dealers will for the first time also be obliged to ensure that the daily cash withdrawal limit per person (via the cards denominated in the national currency of Naira) when overseas, does not exceed the maximum value of USD 300.

 

 

AFFECTED COUNTRIES

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